NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS Contribution & Employer Match

NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS Contribution & Employer Match

NIXON PEABODY LLP provides the following retirement savings benefits to its employees:

NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS is $195,710.00

NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS is $11,418.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
730,787.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,418.00 in NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-up contributions (in addition to the employee and employer combined limit, age 50 and over)
401(k) contribution limit for 2023$22,500$66,000$7,500
401(k) contribution limit for 2024$23,000$69,000$7,500

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS Total Employer Contribution and Match Rate

In 2023, NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS allocates $763,202.00 to match its employees' contributions, providing an employer match rate of 14.16% of their contributions

NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS is approximately $1,648.00
Investing in this additonal $1,648.00 for 20 years would give you extra $105,496.00, assuming a 10% annual return.

NIXON PEABODY LLP RETIREMENT SAVINGS PLAN FOR ASSOCIATE ATTORNEYS Contribution & Match Policy

1. Employee Contribution Rates: Up to 75% of their annual compensation.

2. Employer Match/Contribution Conditions: The lesser of 2% of compensation or 50% of the aggregate amount contributed by each participant during a Plan year.

3. Vesting Schedule/Eligibility: 100% vested interest in their entire account balance at all times; eligibility for employer contributions requires attaining age 21 and completing two years of service.

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